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Hi all,
I currently have a 588 score due to high balances. I recently opened a credit building account to lower my debt ratio. I am working on paying off my balances. Is there any other sound advice you can give for someone starting their credit journey.
@Anonymous wrote:Hi all,
I currently have a 588 score due to high balances. I recently opened a credit building account to lower my debt ratio. I am working on paying off my balances. Is there any other sound advice you can give for someone starting their credit journey.
When you say credit builder account, what is it exactly?
Which other cards do you have?
Derogatory info on your CR?
No negative payments. Just high balance cards. I came up with a budget to pay them down. What I'm hoping to do is boost my score with my DsxDesign account since they added a $5,000 line to my credit, then do a balance transfer to a 0% apr card so I can consolidate my debt and pay it down. I guess my question would be, do they only look at debt ratio and payment history? I was thinking of doing my jewelers as well then once it updates go apply for a few balance transfer cards.
That is what I figured. I had to use my personal cards for my business in December, so it is a bit embarassing but I had no option at the time.
Cap 1 Platinum Secured - Limit 500 Bal 483
Cap 1 Quicksilver - Limit 4000 Bal 3950
Discover - Limit 1700 Bal 1643
Chase Freedom - Limit 1500 Bal 1759
Starting June 1 I'll be able to pay $2k a month on each card. I'm wondering if I should tackle one at a time or split the 2k between all the cards
@Anonymous wrote:That is what I figured. I had to use my personal cards for my business in December, so it is a bit embarassing but I had no option at the time.
Cap 1 Platinum Secured - Limit 500 Bal 483
Cap 1 Quicksilver - Limit 4000 Bal 3950
Discover - Limit 1700 Bal 1643
Chase Freedom - Limit 1500 Bal 1759
Starting June 1 I'll be able to pay $2k a month on each card. I'm wondering if I should tackle one at a time or split the 2k between all the cards
Take care of Chase first, it's over the limit, followed by Quicksilver and Platinum. Leave Disco for last, they are a bit more tolerant of balances as long as you're making at least minimum payments.
Personally, and I am sure this will vary from person to person, instead of gradually dropping balances, I'd be putting entire $2k per card each month, less chance of being balance chased all the way down.
I am surprised it did not start already
Good luck!